Can either be with an IQ Audio Digi+ board or a Meridian Explorer 2. Comes with the superb iFi PSU.

So...

Pi-SD Card-iFi PSU-Explorer 2 = £140 (Retail £215)

I have been using this as my DAC/pre amp now for a year, it has seen off an Auralic, Meridian MS600 and allowed me to take my Croft Pre amp out of the chain completely. Stunning sounding front end for peanuts.